TNHB: Multi-storeyed apartments on monthly payment basis
Posted on: 29/Jul/2017 12:48:48 PM
The Tamil Nadu Housing Board (TNHB) has planned to reintroduce the project of building multi-storeyed apartments on its own funds and then sell to the poorer sections of the society.
This was practised earlier when multi-storeyed apartments were built on TNHB’s own funds and then sold until the year 2001. However, many of the apartments in the multi-storeyed buildings and the plots in the suburban areas put up for sales remained unsold.
On top of this, even those who bought the apartments did not pay the EMIs due. This led to a situation when further similar projects could not be executed.
During the year 2001, the real estate business started picking up. So, the unsold TNHB apartments and plots got sold in this period. However, TNHB still hesitated to resume a similar project. It announced that multi-storeyed apartment building construction will now be done by the self-financing private contractors under its control.
In this project, apartments in the multi-storeyed building were allotted on a lucky draw basis to the customers interested in buying. They needed to pay the required amount in 4 to 5 installments. It could be paid in cash or through bank loans.
The subsequent projects also followed this scheme. Though this scheme was quite popular, due to the prevailing recession in the real estate market, many hundreds of the apartments have remained unsold over the last 2 years.
Keeping all the above happenings under consideration, TNHB has decided again to resume multi-storeyed apartment construction on its own funds and then sell especially for the push-cart traders, pavement traders, the poorer segment of the society, who are not in position to either have cash on hand to buy nor the eligibility to get bank housing loans.
A TNHB official informed that an announcement regarding this will be released soon.
Thus the old TNHB business system is back in operation after a gap of 16 years. This is deemed to be a boon for the poor section of the society who can get their own houses on the basis of monthly payments. So, the public is excited and quite eagerly await further announcements in this regard.
